AFRICANGLOBE – Port Harcourt-based Indorama Eleme Petrochemical Limited (IEPL) has revealed plans to invest up to $4.4bn in its operations in the next 5 years, as it seeks to become the largest petrochemical firm in Africa.
Company chairman Manish Mundra said the Poly-Olefins producer has invested $575 million since it purchased the company from the government in 2006. The company plans to increase its production to 325,000 metric tons per annum this year.
Indorama Eleme Petrochemical is currently the largest integrated olefins producer in West Africa and dominates the local market with 82 percent marketshare.
The company is currently constructing a mega-sized fertilizer project comprising 1.4 M MTPA nitrogenous fertilizer, a gas pipeline and jetty projects, targeted to be completed in 2015.
“The fertilizer plant will be located within the confines of the existing site measuring 361 hectares and will occupy approximately 38 hectares,” Mundra explained. “The main project components involve 2,300 MTPD ammonia plant, 4,000 MTPD urea plant, 4,000 MTPD urea granulation plant with associated offsite and utilities.”
Over the years, Mundra said its production has increased from 4 percent to 77 percent since it completed takeover.
By: Oluwabusayo Sotunde